Elliot DGML explains the marketplace network effect and boutique vendor base to Nathan Latka.
Opinion
Shopify is one-size-fits-all, whereas Material Retail prioritizes brick-and-mortar
“Shopify is just one size fits all, right? It's e-commerce first, brick and mortar second. It's like, kind of, jump in and figure it out for yourself. Whereas material retail is a very specific set of tools for a very specific customer. So brick and mortar firs…”
Assertion Not checkable as stated
Material Retail: Total platform GMV reaches approximately $75M
“In-store sale is much higher. So including like the whole ecosystem, it's like seventy-five million.”
Insight
Fashion retail styles should be treated purely as spreadsheet sales data
“There's definitely a lot of ways to look at fashion retail. So if it's by like, what's fashionable, the other is looking at numbers and see what's selling. And at the end of the day, a style is just a number and a spreadsheet and see what's selling.”
Disclosure
Shoptiques board installed Elliot DGML and Mark as co-CEOs in 2020
“So it was like, 20, 20, early 20, 20, right when COVID was happening. Kind of happened really, really quickly. Me and my co-CEO Mark were kind of put in place by the old CEO and founder and the board.”
Assertion Partly supported
Shoptiques rebranded to Material Retail in 2022 alongside new software suite
“So, Shoptix we rebranded to Material Retail in 2022. Oh, same company. So, yeah, Shoptix is the marketplace that Material Retail owns. Shoptix.com was the only business that we had for about eight, nine years, and then we launched a software suite, which is Ma…”
Assertion Not checkable as stated
Software now accounts for roughly 70% of Material Retail's revenue
“So the software is like, 70% of the revenue.”